농협의 사회적 책임 활동에 대한 동기요인이 기업가치에 미치는 영향에 관한 연구

This study empirically investigated the impact of motivational factors for Corporate Social Responsibility (CSR) activities on corporate value in agricultural cooperatives (NACF), a cooperative financial institution. Reflecting the cooperative characteristics of NACF, CSR motivational factors were categorized into ethical motivation, legal/regulatory motivation, and stakeholder pressure motivation, and the study examined how these motivational factors differentially affect corporate value, which consists of financial and non-financial performance. A survey was conducted with 361 employees of NACF nationwide using stratified sampling, and the collected data were analyzed using structural equation modeling. The reliability of the analysis was ensured through common method bias testing and endogeneity review. The results showed that, first, NACF's attitude toward CSR had a significant positive effect on all CSR motivational factors, with the greatest impact on ethical motivation (=0.742). Second, all CSR motivational factors had significant positive effects on corporate value, with ethical motivation showing the largest effect (=0.342). Third, all CSR motivational factors significantly mediated the relationship between corporate attitude and corporate value. These findings suggest that NACF's CSR operates primarily through cooperative values and ethical motivation, unlike general commercial banks, and this serves as a source of sustainable competitive advantage. This study provides theoretical contributions to CSR research in cooperative financial institutions and practical implications for developing differentiated CSR strategies for agricultural cooperatives.